Early on as an advisor I focused on young families and their need for insurance protection and the desire to put some money away. As they were my peers, I felt that I clearly understood the challenges they faced and I was determined to provide them with some excellent strategies. Today, I still have that passion of planning for families!
But after several years of working within a narrow scope of insurance and investment products, I came to recognize there was a significant need for Comprehensive Planning. Retirees, in particular, seemed to lack a true strategy, and often they owned a basket of various investments with no idea how that "basket" was going to provide them income and growth in retirement.
One day, a retired couple approached me with a question. They wanted to take a trip to see some friends on the East Coast, which was going to cost a pretty good amount of money. They were worried about spending the money because the Stock Market had been down, they didn't know if it was a good idea to use their investments to take the trip, and they didn't know which of their investments to use for funding.
When I asked them what their current Financial Advisor, at the time, suggested they do, they told me the advisor said to take whatever they wanted, that they had "plenty of money" and to just let him know what they wanted to do, with no clear, defined strategy or plan.
As I dug deeper into their retirement situation and how they were doing from an income standpoint, what became clear was that while they had a "basket" of quality investments, there was a need for strategic financial planning to potentially increase their income and meet the expenses families may be struggling to meet.
When I suggested they ask their advisor for a plan, they instead asked if I would take a look at their situation and give an opinion and advice. Analyzing their needs and goals, we provided a basic income plan that they could share with their current advisor in the hopes of implementing.
That day, The Wealth Network was born. I committed to learning everything I could about Retirement Income Planning in order to assist the many other retirees who were in the same boat as these clients. In addition, I found other professionals, accountants, attorneys, and mortgage professionals who I could introduce to my clients, to give them access to additional, much-needed services.
Through that education process, I developed my Asset Segmentation Approach to Retirement Income Planning, designed to provide retired clients with one of the best chances in meeting all of their objectives long-term. We shared this new approach with our clients. From my experience with many retirement clients, we have developed and refined our strategic concept that we call The Sleep Well Strategy. *The Sleep Well Strategy (initially the Sleep Well Portfolio) is designed to instill confidence in your investments & may help give you some peace of mind.
Understanding the frustration, confusion, and fear that retirees can experience provides the inspiration for us to try to assist as many retirees as possible.
Those two passions, - helping families with their broad needs, and assisting people in, at or near retirement with their desire to create a sustainable retirement - are what have shaped The Wealth Network today!